NFTs for Virtual Goods in the Metaverse
Refer to Game developers using this method as a form of selling items like cars, houses, tools, and weapons in virtual world games in pros.

Introduction

The process enables the trading of virtual goods in a transparent digital space. A tokenised digital good can be treated as a medium of exchange, a unit of account, or a store of value.

Some of the Pros of Tokenising Virtual Goods

  • Increased cross-platform activities. The gaming industry has expanded its revenue source over the last few years but the traditional approach lacks does not allow developers and publishers to open up additional revenue streams and players getting tangible and practical benefits as they play. Tokenization will facilitate the cross-platform interactions, hence additional revenue.
  • Lowering the costs of accessing games. Consumers will be able to access the games at a lowered price because NFTs will eliminate the middlemen in the industry who have always used micro-transaction tactics to force consumers into getting access to certain games, while not benefiting game creators.
  • Minimal fees on gamers. Freemium games with micro-transactions are not popular, either, as they make gamers feel pressured to pay to access premium versions. As such, a new mechanism that can ease the cost burden on consumers and eliminate the annoying micro-transactions should be a welcome move.
  • Reduced competition among game developers. The motives of big game studios to monopolize the gaming industry through a centralized system have ensured game developers struggle to compete. NFTs will eliminate this domination and reduce unfair competition within the gaming industry.
  • Better quality games released into the market. Big game studios often rush games into the market purposely to grab the next cash on the gaming market. It means creativity and quality are being sacrificed for speed and first entry into the market. Tokenised digital content will ensure the quality of games released into the market.
  • Better compensation for game developers. In the traditional setup, big studios put pressure on developers to work overtime with minimal compensation. The problem is aggravated as independent game developers and small can’t get enough compensation for their work. NFTs will allow independent game developers to earn competitive rates.
  • Fair reviews. The problem with centralized game platforms is that they use influencers and journalists to push their products through false and biased reviews. An NFT platform like NFT Intellect will ensure every review received is legitimate, as reviews are protected by the blockchain technology’s immutability.
  • Reduced cost of onboarding. Traditional gaming platforms are centralised that it is extremely hard for new game creators to join them. It results in the disillusionment of highly creative game creators whose careers are put on the line. With tokenised virtual goods, these game creators will find it easy to enter the platform through a simple and easy registration process and own their gaming content.
Joining NFT Intellect will enable you to create NFTs for your digital good assets. Our platform allows for the efficient creation of games as well as giving you a mechanism to offer value to your fans by sharing your games in the form of NFTs. No huge upfront costs. Take up a monthly membership to spread the costs of maintaining NFT contracts, tracking royalties, and payment owed to you.
Get listed on our NFT calendar to receive more exposure to your project or collection and let the world know when you plan to launch. You can also list on our NFT Ranking price index and been seen by an audience of NFT enthusiast.